Thursday, September 26, 2013

Insurance Discounts Available to APTA Members

You're probably aware that your APTA membership could entitle you to savings on your auto, homeowners, renters, condominium, and boater's insurance from GEICO. But did you know that your auto insurance is actually 7 coverages rolled into a single policy? Most of these coverages are required by state law or loan agreements. GEICO explains:

Bodily injury liability provides protection if you injure or kill someone while operating your car. It also provides for a legal defense if another party in the accident files a lawsuit against you. In the event of a serious accident, you want enough insurance to cover a judgment against you in a lawsuit, without jeopardizing your personal assets. Bodily injury liability covers injury to people, not your vehicle, and is required by state law.

Medical payments, no-fault, or personal injury protection coverage usually pays for the medical expenses of the injured driver and passengers in your car. There may also be coverage if you are injured by a vehicle as a pedestrian. It is required in some states.

Uninsured motorists coverage pays for your injuries caused by an uninsured driver or, in some states, a hit-and-run driver. In some states there is also uninsured motorist coverage for damage to your vehicle. It is required only in some states, but given the large number of uninsured motorists, this coverage is important, even in states with no-fault insurance.

Comprehensive physical damage coverage pays for losses resulting from incidents other than collision. For example, comprehensive insurance covers damage to your car if it is stolen or damaged by flood, fire, or animals. A high deductible for this coverage will help keep premiums low. Auto loan agreements typically require comprehensive coverage.

Collision coverage pays for damage to your car when your car hits, or is hit by, another vehicle or other object. A high deductible for this coverage, too, will help keep premiums low. For older cars, consider dropping this coverage, since it normally is limited to the cash value of the car. Auto loan agreements typically require collision coverage.

Property damage liability protects you if your car damages someone else's property. It also provides you with legal defense if another party files a lawsuit against you. It is required by state law.

Rental reimbursement coverage pays for a rental vehicle (usually up to $25 a day) when your vehicle is out of commission as a result of a loss covered under comprehensive or collision coverage.